When was the last time you shopped locally and supported a small business? Small businesses are often seen as the “little guys”, but did you know that they make up the majority of the U.S. economy? That’s right! According to the U.S. Small Business Administration (SBA), small businesses make up over 99 percent of American businesses and employ more than 46 percent of all private-sector employees. This is what makes them the backbone of America.
Here are five facts about the influence small businesses have on our economy. We hope that it reminds and encourages you to visit and support the businesses in your community this holiday season!
- According to Civil Economics, about 53 percent of purchases made with a small business is likely to recirculate in the local economy. Whereas only 13.6 percent of a purchase from a large chain retailer is likely to recirculate in the local community.
- Small business owners are innovators who often lead the way in establishing best practices. They tend to influence workplace cultures and debut new products and strategies before larger enterprises.
- Small businesses may not provide hundreds of jobs, but together they provide thousands of employment opportunities in communities across the country. Hiring local means employees can work in the same community they live in, which supports relationship building and forming integrated networks that help that community thrive.
To the small business owners out there – Keys’ sees you and appreciates you! Small is beautiful.